SEPT 30 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4585 , S2 RS 4520
R1 RS 4665 , R2 RS 4725
STAY SHORT AT RESISTENCE.
Oil Extends Biggest Drop in 7 Years on Rejection of Rescue Plan .
Crude oil extended its decline in New York after falling
the most in almost seven years yesterday as U.S. lawmakers
rejected a $700 billion financial rescue plan, raising concern
demand for commodities will drop.
Crude oil for November delivery fell as much as $2.54, or
2.6 percent, to $93.83 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$94.04 a barrel at 3:05 p.m. Singapore time.
Prices have declined 35 percent from the record $147.27
reached on July 11 and have fallen 32 percent this quarter,
the first quarterly drop since the end of 2006. Oil has
plunged 11 percent the past three days, the most since
Dec. 3, 2004.
Yesterday, oil fell $10.52, or 9.8 percent, to $96.37 a barrel,
the biggest slide in percentage terms since Nov. 15, 2001, and
the largest dollar decline since Jan. 17, 1991, when U.S.-led
forces expelled Iraq from Kuwait. Crude closed yesterday
at the lowest since Sept. 16.
U.S. stocks plunged and the Standard & Poor's 500 Index
tumbled the most since the 1987 crash after House rejected
the bailout package. The Dow Jones Industrial Average slid
778 points in its biggest point drop ever as $1.2 trillion in
market value was erased from U.S. equities.
Brent crude oil for November settlement tumbled as much as
$2.61, or 2.8 percent, to $91.37 a barrel on London's ICE
Futures Europe exchange at 3:01 p.m. Singapore time.
Futures yesterday dropped $9.56, or 9.2 percent, to
$93.98 a barrel.
No comments:
Post a Comment